Economics Test Review

In this type of economy, the government makes the basic economic decisions such as wages and prices.

The economic continuum is an economic scale that is numbered from 0 to 50.

What is the literacy rate for the United States of America?

Human capital is the knowledge, skills, and training of people in the workforce.

In which type of economy are the economic questions answered by citizens?

If a person is literate, that means that he/she can read and______

On the economic continuum, the type of economy with the least freedom for citizens is the mixed economy.

The 4 factors of production are human capital, capital goods, entrepreneurship, and ____.

Man-made items are called_________.

When a country invests in the training of teachers or health care workers it's an example of which factor of production?

Of the 4 factors of production, which one is the BEST one for a country to invest in to raise the GDP of a country?

The type of trade that happens between countries with no barriers is called_________ trade.

A desk is an example of a _________.

At what age does a country determine if an individual can read or write?

A tariff is a ____ placed on international trade.

Read the example and list the trade barrier being described: The United States placed this type of trade barrier on Cuba

When an individual takes a risk to start a business or creates a product, he/she is called a rich person.

In this type of economy, culture determines which goods are made, sold and bought.

Choose the trade barrier that is being described: Japan will only import 50,000 foreign cars each year.

Which type of economy is a combination of command and market?

The three main types of economies on the economic continuum are mixed, market, and ______

In a market economy, free enterprise is practiced.

In a mixed economy, jobs are handed down from generation to generation.

A nurse helping a patient is an example of a __________.

True/False. An economic system that is based on tradition, customs, beliefs, religion, and habits is a mixed economy.

What does GDP stand for?

The United States of America has a _____ economy.

There is a country with a true market economy. (an economic score of 100)

Choose the natural resource below.

The three economic questions are: What to produce? To whom to produce it?, and_______?

The three trade barriers are tariff, embargo, and______.

When an individual performs something for another person such as teaching, it's called a _______.

In a traditional economy, the exchanging of goods without using money is called bartering.